RealTime IT News

TI Hikes Guidance

Texas Instruments capped a dramatic turnaround in the stock market Thursday with better than expected earnings and sales guidance.

After the close of trading, TI said it expects second-quarter earnings of 46-48 cents a share on sales of $3.63-$3.78 billion, both well ahead of Wall Street estimates. Earnings per share were boosted 5-6 cents by a $70 million settlement from Conexant and a tax benefit.

Analysts were expecting TI to report earnings of 40 cents on sales of $3.61 billion. The chip giant's second quarter will end June 30.

TXN shares gained 3% on the news.

Also after the close, National Semi beat estimates but lowered sales guidance. Xilinx shaved margin guidance.

Stocks staged a dramatic turnaround Thursday to end the day mixed. Interest rate hikes in Europe and elsewhere sparked a global sell-off that spread to U.S. stocks, which managed to gain about 2% off their lows after bottoming at midday.

The Nasdaq finished 6 points lower at 2145, the S&P 500 added 2 to 1257, and the Dow rose 8 to 10,939. Volume soared to 3.46 billion shares on the NYSE, and 3 billion on the Nasdaq. Decliners led 18-14 on the NYSE, and 18-12 on the Nasdaq. Downside volume was 59% on the NYSE, and 75% on the Nasdaq. New highs-new lows were 27-202 on the NYSE, and 55-194 on the Nasdaq.

Novellus surged 7.5% after raising guidance, while BMC slipped on better than expected results and in-line guidance.

Alcatel and Lucent lost ground on news that their merger cleared U.S. antitrust hurdles.

Finisar tumbled on its results, while Comtech rose on its earnings.